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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Wednesday, March 21st, at 11:15 a.m. PRESENT: Vice Governor Platt Mr. Hamlin Mr. Miller Mr. Campbell Cri ssinger Mr. Hoxton, Secretary Minutes of the mueting of the Federal Reserve Board held on March 20th were read. and approved as amended. The Vice Governor reported the reserve posit ions of the several Federal Reserve banks as at close of business 19th. Lbtter dated March 13th, from the Chairman of the Federal Reserve Bank "/Cansas City, regarding the proposal to exchange for another lot the building 84d lot now occupied by the Omaha Branch, said letter having been Drdered laid "the table by the Board at its meeting of March 16th. Referred to the Vice Governor. Letter dated March 17th, from the Chairmen of the Federal Reserve Bank (3f Ilelv York, setting forth the proposal of that bank to increase the maximum PVInent under the Group Insurance Policy carried on behalf of the employees r eln $'3,0o0 to 15,000. ' Referred to the Law Committee. Letter dated March 19th, from the Deputy Governor of the Federal Reserve Of Atlanta, advising of the intention of that bank during next June to echilit to the Convention of the National Association of Credit Men, to be held Atlanta,the same motion picture films and charts relating to the Federal Reeelsve System which were exhibited at the Conference of the American Bankers' 48"elat ion held in New York last year, and to exhibit also an additional film 3/21/23 -2- Pertaining to the Sixth Federal Reserve District which was made about a Year ago. The Secretary was instructed to advise the Federal Reserve Bank of Atlanta that the Board interposes no Objection to the exhibition of the motion picture film and charts which were exhibited in New York last year, but that the Federal Reserve Bank of Atlanta should make no arrangement as to the exhibition of the local film referred to, until the cost of such exhibition shall be submitted to the Federal Reserve Board for approval. Draft of proposed circular to be addressed to the Governors of all Federal Reserve banks,with reference to new arrangements with respect to the handling bY Federal Reserve banks of coupons from bonds issued by Federt-1 Land barlks. Referred to the Vice Governor with power. Letter dated March 17th, from the Chairman of the Federal Reserve Bank Of Kansas City, with reference to the filling of the vacancy caused on the 11(3ard of Directors of the 'Omaha Branch, through the death of one of the 1)(3ard's appointees, Dr. P. L. Hall of Lincoln, Nebraska, Said letter having been referred yesterday to the Committee on Nomination of Class "C" Directors. Yr. Campbell suggested that the Federal Reserve Board should not limit itself to the selection of bankers when appointing directors to serve upon the Board of Directors of branch banks. Upon motion of Yr. Crissinger, it was voted that all rArectors appointed by the Federal Reserve Board to serve on the Boards of Directors of branches of Federal Reserve banks shall, ihsofar as practicab19, be men who are representative of agricultural, industrial, or commercial interests. Thereupon upon motio, the lEtter of March 17th from the Chairman of the Federal Reserve Bank of Kansas City was referred to the Vice Governor for reply. 3/21/23 Letter dated March 15th, from the Chairman of the Federal Peserve Bank of San Francisco, advising that the Board of Directors of that bank had, subject to tLe review and determination of the d'ederal reserve Board, voted that the 4* - % discount rate of that bank, now in effect for all classes °f Paper and all maturities, be applied also to rediscounts of agricultural and livestock paper with maturities not exceeding nine months made eligible by the recent Agricultural Credits Act. Approved. The Secretary was instructed to notify all 'ederal Reserve banks of this action. Yr. Miller outlined to the Board the work thus far accomplished by the Committee on _conomy and 2]fficiency, and moved that the Vice Governor be requested to add to the program to cove before the next Conference of Federal Reserve Bank Governors, the question of the advisability of continuing at the Federal Reserve banks certain controllable and non-remunerative functions. Carried. After a discussion of the gold situation with relation to foreign trade, it vas, upon motion of Mr. Miller, voted that the Secretary of ComInarce be invited to address an informal meeting of the Federal Reserve Board arld the Governors of the Federal Reserve banks at dinner at the Metropolitan next Monday evening, at seven o'clock, on the subject. "Future Trade Balance of the United States". 1174POP,TS OF COMMI"7:1.2 ro. Dated March 20th, Recommending action on applications for changes in stock as set forth in the Auxiliary Minute Book of this date. Approved. 175 3/21/23 REPOFes OF COMMITILM NO. 1 (Conttd) Recommending action on application for fiduciary power as set forthin the Auxiliary Minute Book of this date. Disapproved. Dated March 20th, Reconxnending action on application for fiduciary power as set forth in the Auxiliary Minute Book of this date. Approved. Dated. March 20th, Recommending action on applications for admission of state banks, subject to t-rie conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary Minute Book of this date. Approved. Dated March 20th, The meeting adjourned at 12:45 p.m. Secretary. ed: Vice Governor.
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